IonQ has announced its Q1 2024 financial results. A quick summary of some key financial metrics comparing Q1 2024 versus Q4 2023 and the year ago quarter of Q1 2023 is shown in the chart below.
In the quarterly conference call, IonQ management was bullish about their expanded sales pipeline and said they have raised their full year 2024 bookings forecast by $5 million to $75 to $95 million. The also indicated an expectation of Q2 revenues in the range between $7.6 and $9.2 million and full year 2024 revenues in the range between $37 and $41 million. However, the company also reiterated that bookings and revenue numbers will continue to be lumpy and dependent upon timing of some of the larger deals.
The company discussed some new collaborations with Deutsches Elektronen-Synchrotron (DESY), Oak Ridge National Laboratory, and South Carolina Quantum. In addition, the company announced that their factory in Bothell, Washington is now in operation and is building five IonQ Forte processors with the first one scheduled to be shipped to Quantum Basel in Switzerland. In preparation for the shipment, the company has now placed team members at Quantum Basel to get things ready for the installation. The company has also expanded their management team with the addition of Dr. Martin Roetteler as the new Head of Quantum Applications and Stacey Giamalis as Chief Legal Office.
Additional information about the company’s financial results can be find in the Q1 2024 financial press release here, a recording of a webcast with management reviewing the results here, a May 2024 Investor Update presentation here, and IonQ’s President and CEO Peter Chapman’s Letter to Stockholders in the IonQ 2023 Annual Report here.
May 9, 2024
